For example, the Central Corridor was transformed into a dynamic location after the Valley Metro light-rail system expansion. Arizona State University (ASU) has begun to expand into downtown, an area that is beginning to gentrify.
In the meantime, a number of underutilized office buildings in Phoenix many of the office buildings are being repurposed while entertainment and dining venues are continually expanding.
The West Valley City of Scottsdale has a long-standing reputation for offering desirable lifestyle options for everyone from millennials to retirees, and a solid job market.
Nearby Tempe, home to ASU, is another area with plenty of room for rental housing opportunities.
Long-term returns on rental properties in these areas seem promising, and without the benefit of a crystal ball, there are no indicators to suggest a downturn. The Phoenix area apartment industry is eight years into a recovery cycle, and few developers predicted the enormity of the millennial tidal wave, which continues to amaze.
Phoenix multifamily markets